WTI crude oil dropped below $71 per barrel for the first time since March

The price of WTI crude oil during trading on the NYMEX exchange (CME Group) fell below $71 per barrel for the first time since March 2. This is evidenced by the trading data of the NYMEX exchange.

As of 16:00 Moscow time, WTI crude oil futures were trading around $70 per barrel, remaining under pressure amid expectations of increased supply on the global market and continued volatility in commodity assets.

Prior to that, during the session, quotes fell to local lows amid news about a possible expansion of oil supplies from the Middle East and mitigation of geopolitical risks, which increased pressure on prices.

WTI oil is traded on the NYMEX platform, which is part of the CME Group, one of the world's largest markets for fixed—term energy contracts.

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On June 22, Reuters learned that global oil prices declined after the completion of the first round of negotiations between the United States and Iran in Switzerland, following which Tehran announced that it had received exemptions for the export of oil and petrochemical products. The price of Brent crude oil fell by $1.68 to $78.89 per barrel, while WTI futures were trading at $76 per barrel.